The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-12-07
THE PRESIDENTS MESSAGE.
An Urgent Plea for Reduction Of Revenues
by Tariff Revision.

by Tariff Revision.
WASHINGTON, Dec. 6.-The Presidents mess
sage was sent to Congress to-day, and was read
in both houses. The text is appended:
To the Congress of the United
You are confronted at the threshold of your
legislative duties with condition of the ma
tional finances which imperatively demands i'm
mediate and careful consideration. The amount
of money annually exacted through the opera
ton Of present laws from the industries and
necessities of the people largely exceeds the
sum necessary to meet the expenses of the gov
eminent. When we consider that the theory OF
our institutions guarantees to every citizen the
full enjoyment of all the fruits of his industry
and enterprise. with only such deduction as may
be his share towards the careful and economical
maintenance of the government which protects
HIM, 1t is plain that the exaction of moro than
this is indefensble extortion, and culpable
betrayal of American fairness and just
who bear the burden of national
ton, ike other wrongs. multiplies
brood of evil consequences. The public Treas
ury, which should only exist conduit con
veyipg the peoples tribute TO its legitimate OBJ
iects of expenditure becomes boarding place
for money needlessy withdrawn from trade and
the peoples use. TINS GRIPPING our national
energies, suspendlng our countrys development,
preventing investment productive enterprises,
threatening fin ancial disturbance, and inviting
schemes of public plumber. This condition of
our Treasury is not altogether new, aud lt has
more than once of late, been submitted to the
peoples representatives in the Congress, who
alone can apply remedy. And yet the situa-
ton still continues, with aggravated Incidents.
more than ever presaging financial convulsion,
and widespread disaster 1t will not do to
neglect this situation because its dangers are
not now palpably imminent and apparent They
exist none the less certain ly. and await the I'M
foreseen and unexpected occasion when suddenly
they will be precptated upon US.
On the Both dav of June, 1855, the excess of
revenues over public expenditures after COM
plying with the annual requirement of the
snkine-fund act, was ST., $50, 735. 84 during the
dad V7ra r1oh r0d
to $49, 400. $40. 90 and during the year ended
June 80, 1887 il reached the of $50, 567.-
$40. "a The annual contributions to the sinking
fund during the three years above specified.
amounting in the aggregate to $138, 058, 800. 94
and deducted from the surplus sta ted, were
made by calling in for that purpose on tstanding
3 per cent. bonds of the government During
the six months prior to June 30, 1887, the sur
plus revenue had grown so large by repeated ac-
cumulatons, and it was feared the withdrawal
of this great sum OF money needed by the people
would affect the business of the country, that
the sum of $79. S64, 100 of such surplus was APP
piled to the payment of the principal and inter-
of the 3 per cent bonds still outstanding, and
which were then payable at the option of the
government The precarious condition OF finan-
cia affairs among the people still needing relief.
Immediately after the 3Oth day of Juno. 1887.
the remainder of the 5 per cent. bonds then out
standing amounting, with principal and inter
est, TO the sum of SIS, S71, 800, were called
contribution for the current fiscal
year. Notwithstanding these operations of she
Treasury Department, representations of dis
1ress in business circles not only continued but
increased and absolute peril seemed al hand
In these circumstances the contribution to the
sinking fund for the current fiscal year was at
once completed by the expenditure of $27.6S4,-
2S3. SO in the purchase of government bonds not
yet due bearing four and four and a half per
cent. interest, the premium thereon averaging
about twenty -four per cent for the former and
eight per cent for the latter In addition to
this the interest accruing during the current
year upon the outstanding bonded indebtedness
of the government was. to some extent antici-
pated, and banks selected as repositories of pub
lie money were permitted to somewhat increase
their deposits While the expedents thus EN-
ployed to release to the people the money living
idle In the treasury served to avert immediate
danger, ourfsurplus revenue has continued to
cumulate, the excess for the present year amount
ing the first day of December to 800. 25S FOL 10:
and estimated to reach the sum of $l13 900 900
the 30th of June next a. which date 1t is ex-
pected that this sum, added 20 prior acchmula-
lions, will swell the surplus in the treasury
$40 000, 000 There seems to be assurance
tina with such a withdrawal from use of the
peoples circulating medium. our business COM
munity may not in the near future be subjected